Nippon Steel (TYO:5401) could raise about 300 billion yen ($1.94 billion) by selling remaining strategic shareholdings, providing funds for investments including upgrades at U.S. Steel, Nikkei reported Friday, citing CFO Takahiko Iwai.

The company had about 440 billion yen in such holdings at the end of the last fiscal year and has already divested over 80%. Around 300 billion yen in highly liquid listed shares remain available for sale, according to the report.

Since its 2012 formation, Nippon Steel has cut about 2.1 trillion yen in assets, mainly strategic stakes, with a further 100 billion yen reduction projected this fiscal year, the report said.

The steelmaker faces heavy funding needs, including refinancing 2 trillion yen in acquisition-related loans by June and executing a 6 trillion yen investment plan through fiscal 2030 covering U.S., Indian and domestic projects, according to the report.

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